Binani Cement sale: NCLT orders lenders to consider UltraTech bid

The Kolkata bench of National Company Law Tribunal (NCLT) ordered Binani Cement Committee of Creditors (CoC) to consider revised offer submitted by UltraTech. Dalmia Bharat Cement and UltraTech are competing to take over the assets of the company. On April 21, UltraTech Cement, the unsuccessful bidder for Binani Cement, urged NCLT to reject the offer by Dalmia Bharat-controlled Rajputana Properties and accept its revised bid for the stressed asset. It had also suggested that the tribunal consider passing an interim order asking the lender's committee to reconsider the offers made by both Dalmia and UltraTech.